A collaborative product built by alternative finance provider Liberis and Sage, a cloud business management solutions provider – today announced that it has reached a £1m funding milestone.
Sage Pay Business Finance allows businesses to receive finance as an advance of their future credit and debit card sales, with advances ranging between £2,500 and £300,000. A result of the partnership between Liberis and Sage Pay, it has a 77% approval rating since its creation 14 months ago. It now provides vital finance to growing businesses, helping to support the wider UK economy.
The product has successfully advanced an average of £29,000 per business. Whilst eCommerce businesses have shown the greatest appetite for the service, it has also proven popular amongst business in the retail and hospitality sectors where there are seasonal fluctuations in income.
Liberis provides Sage Pay customers with all the smart technology of its Business Cash Advance service. This innovative funding solution is a UK-first, linking repayments directly to each business’ credit and debit card takings. Businesses then only repay when they receive payment from their customers.
James Whittingham, Commercial Director at Liberis, said: “14 months on and we are thrilled to have reached our £1million funding milestone and to have supported many UK ecommerce businesses to reach their next stage of development in the digital space. Over the next few months, we hope to continue to support the growth of the UK business community by expanding our current capabilities and developing our funding options”.
Business owners can apply for Sage Pay Business Finance online and receive a decision on their application within 24 hours.
By providing simple, flexible and transparent funding, Liberis is on a mission to help UK SMEs achieve their long-term ambitions. To date Liberis has successfully helped over 7,000 small businesses, advanced over £240m in funding and supported over 35,000 jobs in the UK, contributing to the wider UK economy. Liberis is also supported by British Business Investments – the commercial arm of the British Business Bank.